Research
One company, one thesis, and the specific evidence that would prove us wrong. We publish notes on businesses we would be happy to own for a decade — and we tell you when we are only watching.
Every leading-edge logic and memory fab on earth has to buy one company's lithography machines. That is a toll booth on compute itself — and the market still prices it like a cyclical.
Costco's profit is not in the merchandise. It is in the membership renewal rate. That single number explains why the business survives recessions that flatten every other retailer.
The commerce business pays for the fintech business, and the fintech business makes the commerce business impossible to compete with. Most investors still value one and ignore the other.
Free sample research note. Nearly every advanced chip in your life is printed by one company, at a price it increasingly gets to set. Here is how we think about owning it.
A near-perfect balance sheet and a brand amateurs cannot buy, wrapped around a growth rate that is converging on the travel industry average. We are waiting, not buying.
The cheapest quality in the market is still a conglomerate nobody wants to explain at a dinner party. Insurance float plus a cash pile is a call option on other people's panic.
Security platforms are sticky in a way that most software is not, because ripping one out means admitting you cannot see your own network. The price is still the problem.
The most profitable new drug category in a generation, and a share price that already knows it. We hold what we own and refuse to add until supply and pricing settle.
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